Sailor, do a search for oil aging here. One of the members posted quite a number of pics of cheese that he had aged for 3 years. He didn't use olive though as it eventually gells.
I tried experimenting with a number of different aging processes, and I aged a jack and a provolone in olive oil for around four months. The outside of the cheese gets a little soft, but just wipe that off.
Personally I thought that the oil prevented the cheese and rind from maturing, and thought that the oil seemed to "arrest" aging somehow. Maybe this is one of those processes that requires long periods of time for the benefits to work.
Hope this makes sense.